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| No.11 December, 2010 |
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"Rule of law is cornerstone of Hong Kong's success" – Secretary for Justice |
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 The rule of law, enshrined in our legal system and providing a secure environment for individuals and organisations, is undoubtedly a crucial factor in Hong Kong's success as a leading international commercial and financial centre, the Secretary for Justice, Mr Wong Yan Lung, SC, said at the 11th Hong Kong Forum Luncheon (December 2).
Addressing an international audience of leading businessmen, Mr Wong said that Hong Kong's independent judiciary was the firm foundation of the rule of law, and judges of Hong Kong were trusted not just by the people of Hong Kong but also by the international business community.
In addition, there is the support of first-class practitioners, with keen and healthy competition from overseas law firms. This resulted in a sophisticated legal sector with a cross-fertilisation of experience.
"Our legal profession possesses a wide spectrum of expertise in areas such as capital markets, corporate finance, securities, banking, intellectual property, information technology and maritime law," Mr Wong said.
"Hong Kong is attracting top-notch lawyers who are eyeing the vast Chinese legal services market. We are continuing to provide a more favourable environment and to create more opportunities for lawyers," he said, adding that a new law had been enacted earlier this year to enable solicitors to acquire rights of audience before the High Court and the Court of Final Appeal. The Department of Justice has also introduced a new bill to enable law firms in Hong Kong to operate in the form of a limited liability partnership.
While outlining the Government's effort in promoting effective and efficient alternative dispute resolution (ADR) services in Hong Kong, Mr Wong told his audience that ADR is "a flexible and more client-oriented process, which has the potential of reaching settlement at lower costs, and saving business relationship."
"We look forward to creating a new environment and culture in Hong Kong where commercial disputes can be resolved with creative and amicable solutions," he said.
He also noted that the Government was constantly updating laws with a view to providing an even better business environment.
Examples include proposed amendments to the Companies Ordinance to further enhance corporate governance for more than 840,000 companies in Hong Kong.
"We are also reforming our trust law to strengthen the competitiveness of our trust services industry and to attract more high net worth individuals to use the asset management service in Hong Kong.
"To meet the challenges posed by advances in technology, we are in the process of introducing legislative amendments to the Copyright Ordinance to strengthen copyright protection in the digital environment.
"Other proposals we are working on include introducing a new competition law, devising a new corporate rescue procedure, setting up an Independent Insurance Authority, as well as establishing a Financial Dispute Resolution Centre to resolve monetary disputes between the consumer and financial institutions through the combined means of mediation and arbitration," Mr Wong said.
To view the full speech, http://www.info.gov.hk/gia/general/201012/02/P201012020227.htm |
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